The latest streaming agreement signed by the company is a convenient illustration of these aspects of the company?s business model. Silver Wheaton signed a streaming agreement with Vale in March for rights to 25% of the life of mine gold by-products produced at Vale?s Salobo copper mine. The company made an upfront, one-time payment of $900 million to secure rights for the streaming agreement. In addition, the company will pay Vale the lesser of the prevailing market price or $400 per ounce of gold supplied under the streaming agreement, subject to 1% inflationary adjustment starting from 2017.
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